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The willingness of the government of Kazakhstan to support public sector companies is gradually declining, says the report of S&P rating agency.

The agency has confirmed the ratings of the state-owned Samruk-Kazyna National Welfare Fund of Kazakhstan at the level of "BB+/B".

Nevertheless, the agency believes that, in respect of Samruk-Kazyna, the government will almost certainly provide extraordinary state support, if necessary.

"The long-term credit rating of the Fund is still one step below the sovereign ratings of Kazakhstan, because, in our opinion, the government's readiness to support public sector companies is gradually decreasing. We reaffirm the ratings of "Samruk-Kazyna" Fund at the level of "BB+/B". The "Stable" forecast reflects the same forecast on the ratings of Kazakhstan", says the message.

Samruk-Kazyna's ratings include several additional steps to assess the characteristics of its own creditworthiness (stand-alone credit profile — SACP), which is conditioned by state support.

"We believe that the Fund's own creditworthiness, that is, the creditworthiness without taking into account the potential extraordinary support by the state, corresponds to the "b" category," analysts say.

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